The restaurant industry can be very risky. From customer and employee slips and falls to equipment damage, there are numerous risks your business needs to plan for and overcome in the daily course of operations. Yet, purchasing business insurance for these risks doesn't have to be expensive. With a few helpful tips, you can save on restaurant business insurance and still minimize the potential for risks.

Purchase a Package Policy

One of the best ways to save on business insurance for your restaurant is to lump together policies that you need. A business owner’s policy, commonly known as BOP insurance, can help you to save because it covers much of your liability risk and standard coverages in one policy. It's best for smaller to medium-sized businesses that need basic coverage.

Discuss Loss Prevention Tools

Many businesses can benefit from working directly with their independent insurance agent to minimize loss. Insurance providers don't want to pay out claims and may be willing to work with businesses to find ways to reduce risks. Installing a safety plan, discussing potential risks, meeting OSHA guidelines and ensuring safe training programs for employees can help. Talk to your agent about how these programs can help reduce your premium costs.

Invest in a Higher Deductible

Never place your deductible at such a high level that you cannot afford to pay that amount in the event of a claim. However, many restaurants have the financial support to have a slightly higher deductible. By upping your deductible, your premium costs go down. However, you'll pay more out of pocket during a claim. If your business is financially stable, this may be a wise decision.

Perhaps the best way to save money on business insurance for your restaurant is to work with your agent to customize a plan right for your unique needs. The amount of coverage should be based on your assets. You should select policies that keep all aspects of your business safe as well. And, you'll want to ensure each policy has a high enough limit to ensure that your business doesn't struggle in the event of a covered loss.

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